Temasek Trust, which oversees the philanthropic endowments and gifts of Singapore’s sovereign wealth fund Temasek, is collaborating with the Monetary Authority of Singapore (MAS) to accelerate the growth of the fintech and impact ecosystem in the city-state and beyond.

The MAS and Temasek Trust will share their regional networks and explore collaborations with the aim of attracting global capital to high-potential and high-impact opportunities, and increase investments to accelerate the growth of the financial sector, fintech companies, and impact projects, according to a letter of intent signed by the two parties.

“There will be a growing nexus of fintech innovation with impact investment in the coming years as the world begins to accelerate capital towards meaningful and sustainable outcomes,” says MAS chief fintech officer Sopnendu Mohanty.

“Over time, this [collaboration] will catalyze a sea change in innovation and investment from profit-seeking capital to patient and productive capital that will help with the financial and digital transformation of much needed communities in Asia and beyond,” he adds.

The collaboration is underpinned by open, technology-based platforms – Global FinTech Institute’s (GFI) FLEX, which supported by MAS, and Temasek Trust’s Co-Axis. Both platforms are being still developed, with their first phase to be launched in the first half of 2024.